To link to the entire object, paste this link in email, IM or documentTo embed the entire object, paste this HTML in websiteTo link to this page, paste this link in email, IM or documentTo embed this page, paste this HTML in website

28 louise p kellogg strain immediately placed upon it secretary chase did not have recourse to the bankers however until after the battle of bull run in july had proved that the war was not to be an affair of three months on the day that the news of the defeat at bull run reached philadelphia a young banker recently removed to that city from ohio an ardent partisan of secretary chase drew up a paper offering to advance to the secretary of the treasury specified sums for sixty days at six per cent inter est returnable in specie or interest-bearing treasury notes with this proposal he visited the principal banks and financial houses in his city and raised for immediate government needs nearly 2,000,000 in one day chase was interested and grateful and the fortunes of jay cooke the young banker were made from that day early in 1862 when the government's daily needs were increasing enormously john j cisco assistant treasurer of the sub-treasury at new york made arrangements for a loan from the city banks of their temporarily idle funds these were received on deposit for thirty days subject to withdrawal thereafter on ten days notice at first cisco by this means secured much specie at four per cent ; later five and six per cent were paid for these advances this money was largely used for the payment of the interest on the public debt one banker in new york it is said became uneasy after lending the sub-treasury 1,000,000 and demanded its return cisco told him to send his carts for it immediately the next day his faith in the government was restored and he concluded to leave his reserve with the sub-treasurer an instance of immediate aid to the government's foreign diplomats is related in the biography of the late j pierpont morgan morgan was in london on business for his house at a time when charles francis adams was endeavoring to prove to the english government that certain vessels fitting in british ports were intended for confederate privateers

The inaugural issue of the Wisconsin Magazine of History covers many firsts and oldests in the state, including first scholar Increase Lapham, the first capitol, oldest church, and the first poets. A forest fire in northern Wisconsin, how bankers financed the Civil War, and the diary of UW student and Civil War soldier Harvey Reid round out the issue.

28 louise p kellogg strain immediately placed upon it secretary chase did not have recourse to the bankers however until after the battle of bull run in july had proved that the war was not to be an affair of three months on the day that the news of the defeat at bull run reached philadelphia a young banker recently removed to that city from ohio an ardent partisan of secretary chase drew up a paper offering to advance to the secretary of the treasury specified sums for sixty days at six per cent inter est returnable in specie or interest-bearing treasury notes with this proposal he visited the principal banks and financial houses in his city and raised for immediate government needs nearly 2,000,000 in one day chase was interested and grateful and the fortunes of jay cooke the young banker were made from that day early in 1862 when the government's daily needs were increasing enormously john j cisco assistant treasurer of the sub-treasury at new york made arrangements for a loan from the city banks of their temporarily idle funds these were received on deposit for thirty days subject to withdrawal thereafter on ten days notice at first cisco by this means secured much specie at four per cent ; later five and six per cent were paid for these advances this money was largely used for the payment of the interest on the public debt one banker in new york it is said became uneasy after lending the sub-treasury 1,000,000 and demanded its return cisco told him to send his carts for it immediately the next day his faith in the government was restored and he concluded to leave his reserve with the sub-treasurer an instance of immediate aid to the government's foreign diplomats is related in the biography of the late j pierpont morgan morgan was in london on business for his house at a time when charles francis adams was endeavoring to prove to the english government that certain vessels fitting in british ports were intended for confederate privateers